Different from regular real estate transactions, luxury real estate sales deals with a distinct group of people defined by their high-net-worth. . In fact, only 11% of home-buyers in the US purchased a home over half-a-million-dollars. Not only that, this percentage only gets smaller as the price-line goes higher. So, if you want to sell multi-million-dollar properties successfully, it’s crucial to bring your “A-game.” After all, it’s not like luxury buyers are willing to put up with anything less than spectacular when it comes to purchasing million-dollar mansions and high-end real estate. People situated in society’s upper-crust hold sellers to a higher standard than average home-buyers.
Of course, many luxury salespeople overemphasize the role of personality in completing a sale. Even worse, some elite sellers become so preoccupied with their likeability factor, they wind-up negating expectations specific to high-net-worth home-buyers. At Luxury Estates Auction Company, we’ve seen it a thousand times. Certain sellers become more sassy with every slogan and more brash with every billboard. Meanwhile, their sales figures remain unimpressive and wealthier buyers steer clear of them altogether.
While being approachable and having character are common characteristics among successful sellers, consider these attributes prerequisites when selling high-end real estate. In other words, if you lack these personal provisions, you might want to look into a different line-of-work.
At the same time, there are some qualities which can help sellers meet the needs of buyers occupying the upper-crust of society. However, instead of turning this into a tutorial on tact and exclusivity, Luxury Estates Auction Company wants to keep you in-the-know regarding certain expectations of high-net-worth individuals and luxury home-buyers.
So, what do buyers in the luxury real estate market expect from sellers?
1. Problem-free purchasing
High-end home-buyers want everything with their purchase to run smoothly. To the same effect, well-to-do clients want to deal with agents and properties that won’t further complicate their busy schedules. Therefore, reducing friction wherever possible is always a good idea.
Here are some practices which will put you in good favor with high-paying purchasers:
- Employ the latest technologies, e.g., digital paperwork and e-signatures.
- Ensure all you’re always available via text or email, or whichever communication channel your buyer prefers.
- Establish quick response times.
- Follow-up and see your sale through to completion.
2. Intelligent market insight
Retaining an extensive knowledge-base of the luxury market should be second-nature for salespeople in the luxury real estate market. Nevertheless, many sellers believe that a cursory understanding of the market is sufficient to close a high-end sale. Such sellers could not be more misguided.
Buyers in the luxury real estate market tend to be highly-esteemed in their respective fields—let alone, they’re typically extraordinarily well-read and highly educated. So, not only do they expect to engage in stimulating conversations about current market trends, but they also expect you to deliver insights with which they’re unfamiliar. Thus, if you think you’re going to “wow” your next client by merely using industry jargon like ‘appraisal’ or ‘contingency’—you’ve got another thing coming.
Try reading the latest luxury real estate market reports. Additionally, start creating client-specific case files for each one of your buyers. Trust me; a comprehensive understanding of local markets in conjunction with a personalized profile is a surefire way to fall into favor with your most scrupulous clients.
3. Established Connections
A large part of the luxury real estate game consists of guided gladhanding and well-managed mingling. That is to say, networking. Luxury home-buyers are much more inclined to go with sellers with whom they’re familiar. Not only that, earning some degree of trust with members of the upper-class is essential to conducting future business with them.
What’s more, establishing a robust professional network apart from prospective clients carries weight in luxury real estate sales as well. You’d be surprised how setting up the perfect tee-time for a buyer or extending exclusive party invitations to your clients can turn a possible sale into a sure thing.
4. Attention to Detail
While attention to detail is smart practice in all walks of life, it’s even more crucial in luxury real estate sales. In particular, well-developed listening skills are a must when interacting with high-end home-buyers. Moreover, cultivating a strong understanding of “blue blood” psychology is imperative if you ever expect to close a deal.
At Luxury Estates Auction Company, we know if you aspire to sell successfully, genuinely hearing the words coming from high-class home-buyers is second-to-none. Besides, paying close attention to your client’s needs and wants saves a significant amount of time for all parties involved. Not to mention, luxury buyers are often meticulous in expressing their expectations. So, knowing every aspect of potential properties and understanding which outside influences affect your buyer’s decision is critical.
Finally, looking into personal backstories, remembering important dates like birthdays or graduations, and knowing your clients’ lifestyle preferences are key to landing a sale.
5. Added Value
Modern trends in the luxury market suggest buyers recently began placing a great deal of importance on added value. Put differently, high-end home-buyers expect you to contribute worthwhile information and high-quality intel to their search for the perfect, million-dollar-mansion. So, it’s important you bring more to the table than what they can find on their smartphone. You must help your clients put their research to good use and contextualize what they already know.
For instance, perhaps you have a buyer on the fence because of the less-than-perfect view from their balcony. Instead of trying to compensate with other amenities, why not redress their concerns by explaining that it’s a “protected view.” In effect, by displaying familiarity with the amount of privacy required by high-profile people, you can convert a pain point into a purchasing point.
Want to learn more about what it takes to be successful in the luxury real estate market?
Luxury Estates Auction Company is the premiere high-end auction house in the US and a leading authority on luxury real estate sales and aggressive marketing.